August 28 2001 -
A survey of 900 college and university students from 22 countries conducted at
the Ernst & Young International Leadership Conference in August 2001 found that
students remain optimistic despite the downturn in the economy. About 10% were
from Canada. In fact, 65% of these Ernst & Young interns said that they planned
to become millionaires - many by the age of 40. This compares with 75% last year
when the dot.com economy was still booming.
The survey focused on a number of other issues. For example, there were strong
opinions about society, money and investing. 50% of the students chose long-term
conservative stock and mutual fund investments for their main method of saving for
the future. Just 15% intended to rely on a company retirement pension plan.
Other findings included:
- 74% expected to be better off than their parents in terms of income and
quality of life over their lifetime.
- 47% planned to retire in their 50s. Just 26% intended to retire in their 60s.
- 50% thought that flexibility in planning a career around major life events was
the most important element for achieving a good balance between a career and personal life.
- 34% said career development would be their priority over the next 3 years.
Balancing personal life and career would be a priority for 32% of respondents.
- 50% said that intellectual stimulation and learning, as well as a sense of
social contact and camaraderie, would make them want to go to work if they were
independently wealthy and didn't have to work. A mere 3% pointed to achieving fame or
celebrity as a motivation to work.
"Confidence in their ability to succeed and a determination to maintain a
healthy work-life balance distinguish the young people entering the workforce
today," said Fraser Whale, National Director of Recruitment, Ernst & Young.
"As keen as they are to excel on the job, they also want to manage their
workloads so they can spend quality time with their families and friends." In fact, 43%
of these placement students regarded family and friends as being of crucial importance
in managing their personal and working lives.
But one should ask the question: how typical are Ernst & Young interns of the
general student population?